Tax news and information - Journal of Accountancy

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May 10, 2022

TIGTA: IRS should work to expand e-filing

The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.

May 9, 2022

Procedures for Puerto Rico residents to claim a 2021 child tax credit

The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.

May 5, 2022

Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says

The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.

May 1, 2022

No step-up in basis for private foundation’s assets

A PMTA disagrees with a prior letter ruling.

May 1, 2022

Line items

IRS to fast-track 10,000 hirings to address backlog … National taxpayer advocate to CPAs: Tell us where the challenges are … Proposed regulations update RMDs for SECURE Act changes … IRS offers alternative to facial recognition

May 1, 2022

Adopting a child: Tax planning considerations

Parents pursuing an adoption can use a CPA’s advice.

May 1, 2022

Eleventh Circuit: Judicial extinguishment proceeds formula invalid

The IRS’s interpretation of a conservation easement rule is struck down.

May 1, 2022

IRS levy trumps decedent’s children’s claim to money held in usufruct

State law treats heirs as unsecured creditors.

April 29, 2022

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

April 28, 2022

Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.

April 26, 2022

Invitation issued for IRS Priority Guidance Plan recommendations

The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.

April 26, 2022

IRS proposes to amend estate and gift tax basic exclusion regs.

Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.

April 22, 2022

Supreme Court holds Tax Court not bound by petition filing deadline

The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.

April 21, 2022

IRS funding, technology assessed in House hearing

IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.

April 19, 2022

Treasury equity action plan reports progress

The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.

April 18, 2022

Superfund taxpayers granted failure-to-deposit penalty relief

The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.

April 18, 2022

SALT cap challenge is denied Supreme Court review

The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.

April 13, 2022

IRS’s FATCA enforcement fell short, TIGTA says

Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.

April 13, 2022